Great news for those wanting to use FHA financing. HUD Secretary Shaun Donovan announced a temporary policy that will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. This policy will take effect on February 1, 2010 and will be effective for a year, unless otherwise extended or withdrawn by the FHA Commissioner.
With this new policy and the first time homebuyer tax credit extention, the government is really trying hard to get people motivated and start thinking about getting a piece of the American Dream of Home Ownership. This will not only stabilize home prices and revitalize communities, these initiatives will surely prove to benefit the country's over all economic health.
Until next time, take care of yourself! And as always, HAVE A GREAT DAY!!
For details on this policy please visit HUD's website at www.hud.gov.
For information, questions, comments about San Diego Real Estate, please visit my website/s at www.hottestsandiegohomes.com and www.johnnoveras.com.
Wednesday, January 27, 2010
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